Pune: A serious financial scam has surfaced in which fake signatures of ex-Purandar MLA Sanjay Jagtap and his family members were allegedly used to obtain loans amounting to ₹30 crore. Following a complaint by Rajvardhini Sanjay Jagtap, an FIR was lodged at Bund Garden Police Station against employees of a finance firm.
Rajvardhini (43), a Saswad resident and Executive Director of Silver Jubilee Motors, filed the complaint, leading to a case against Manish Eknath Morankar (52) from Pimple Nilakh, Shakeel Nadaf (55) from Mumbai, and two unidentified accomplices.
Silver Jubilee Motors, a Pune-based auto sales and service company, had taken nine loans totalling ₹29 crore from Reliance Commercial Finance Ltd. between 2012 and 2017. Properties owned by company directors — including Kiranpalsingh Ahluwalia, Sanjay Jagtap, and others — were mortgaged as collateral. Morankar and Nadaf were the officers overseeing these loans at the time.
By November 2018, the company had settled all the loans and even secured no-dues certificates for most accounts by March 2019. However, Rajvardhini recently discovered that additional loans had been taken in their names without their knowledge.
The issue came to light in March 2024 after Rajvardhini received legal notices stating that properties mortgaged for these loans were up for seizure due to non-payment. Investigating further, she uncovered forged documents from December 2018 requesting a new ₹30 crore loan. These included fake signatures of Sanjay Jagtap, his wife Anandibai Jagtap, Rajvardhini, Rajendra Jagtap, Asmita Jagtap, and others.
In addition, it was revealed that Reliance Commercial Finance had merged with Authum Investment and Infrastructure Ltd., but the company was never informed of any new transactions. Rajvardhini also confirmed that the company never applied for further financing after November 2018.
A preliminary police probe supported Rajvardhini’s claims, and it was established that the loans had already been paid off. Subsequently, an FIR was registered against Morankar, Nadaf, and two unidentified individuals.
Assistant Police Inspector Arjun Mohite, heading the investigation, revealed that fake documents had been created to access the properties and accounts of the Jagtap family and their company. According to the FIR, the accused allegedly embezzled ₹30 crore by creating false loan papers with forged signatures and dispersing the funds across three bank accounts.
Senior Inspector Ravindra Gaikwad of Bund Garden Police Station confirmed that a written complaint had been received and an FIR lodged. “Our team is conducting a thorough investigation, and legal action will follow as per findings,” Gaikwad assured.
